§ Mr. Michael Cocksasked the Secretary of State for Trade and Industry if he will review the law controlling the activities of private loan companies; and if he will make a statement.
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§ Mr. HowardThe Consumer Credit Act 1974 provides both important safeguards for consumers who enter into credit agreements, and a system of licensing of loan companies, credit grantors and credit brokers administered by the Director General of Fair Trading. Other laws provide additional protection in this area, particularly against harassment of debtors. I believe that existing legislation provides a comprehensive framework of protection for consumers but if the hon. Member is aware of undesirable practices not covered by existing legal controls I should be willing to consider whether further action is desirable.